Photo credit: PSE file.
The PSEi shed 23.86 points or 0.37 percent to close at 6,415.53 as all sub-indices fell across the board.
Volume remained anemic at 3.66 billion shares worth P5.65 billion as losers beat gainers 127 to 71 with 46 unchanged.
“Philippine shares succumbed to profit taking as investors piled into regional equities most sensitive to an economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan
He added that, “earnings season for first quarter for 2021 is coming underway as index heavyweight BPI reported net income, which may serve as a prelude to the rest of the companies reporting in the coming weeks.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse extended its decline as pandemic and economic worries continued to cloud investors’ sentiment while catalysts remain missing.”
Photo credit: https://www.pse.com.ph
The main index lost 61.03 points or 0.94 percent to close at 6,439.39 although the Services sector managed to advance.
Volume remained thin at 3.46 billion shares worth P5.37 billion as gainers actually outnumbered losers 108 to 92 with 52 unchanged.
“Philippine stocks slipped anew as regional COVD-19 cases continue to pile up around the world,” said Regina Capital Development Corporation Managing Director Luis Limlingan
He noted that, “Another round of better-than-expected earnings did little to push benchmarks up. Equity prices retreated from recent highs amid concerns that India will impose coronavirus-related restrictions as well.”
Philstocks Research Associate Claire Alviar said “The local bourse declined along with regional peers following the drop of the US markets overnight as concerns over the rising Covid-19 cases globally weighed on sentiment.”
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PSE file photo
The PSEi rose 40.66 points or 0.63 percent to close at 6,500.42 as all sectors improved, led by the Mining and Oil and Industrial counters.
Volume improved slightly to 5.84 billion shares worth P5.52 billion as gainers beat losers 106 to 84 with 56 unchanged.
“Philippine shares were bought up towards closing as sentiment from Wall Street investors spilled over – funds found few reasons to drive equity benchmarks further into record territory after the major benchmarks ended last week at all-time highs,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse climbed as bargain hunters took opportunities out of its preceding 2-day decline.”
The local stock market started the week on the downside as investors stay away because the COVID situation remains unchecked.
Photo credit: https://www.pse.com.ph
The main index dropped 35.05 points or 0.54 percent to close at 6,459.76 although the Mining sector continued to rise while banks